Janet Yellen doesn’t discuss politics. The Federal Reserve is strictly neutral on elections. But it’s hard to avoid the conclusion that last night’s midterm elections did not make her happy. The biggest negative for Yellen is that Republican control of the Senate makes it likely that Richard Shelby of Alabama will become chairman of the Senate Banking Committee, which oversees the Fed. Here’s what Jeff Kearns and Craig Torres of Bloomberg News write about Shelby today: STORY: Janet Yellen on the Broken Way America Pays for Public Schools Shelby voted against Yellen’s nomination as vice chair in 2010 and as chair last ... (full story)